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Banks and Credit Unions to Team Up Against Apple Pay Fees

127 points · 133 comments · Brajeshwar

  1. havaloc · · focus · HN ↗
    I get why the banks are not happy, but I can tell them that I am not going to use Chase Wallet, Bank of America Wallet, Citi Wallet...just pay the fee and be thankful for the reduced payment friction, which they invariably make money from. PS: Nobody is going to use Paze (yet another half baked wallet), other than to collect the free $10 to sign up for it.

    Somewhat related, even Walmart relented and now supports Apple Pay/Contactless. Every big merchant has now relented (Kroger, Home Depot, Walmart).

    1. syvolt · · focus · HN ↗
      Or Apple Pay can just be like Google Wallet is on Android? The alternative is not multiple apps.
      1. juiceland · · focus · HN ↗
        How does it work on Google Wallet?
        1. sgerenser · · focus · HN ↗
          Article says Google wallet works just like Apple Pay, except they don’t charge a 0.15% fee.
          1. ericmay · · focus · HN ↗
            Why shouldn’t Apple be able to make money for the service they created?
            1. Muximize · · focus · HN ↗
              A service for whom? It has already been paid for by the users when they bought the iPhone.
              1. ericmay · · focus · HN ↗
                Users aren’t paying the fee though
                1. Muximize · · focus · HN ↗
                  Of course they are, passed on as increased prices for everyone, which is exactly the problem. Sure the banks here would like these fees gone, but it also hurts society in general.
                  1. hdgvhicv · · focus · HN ↗
                    And customer are also paying cash handling fees, which in the U.K. at higher than card handling fees.

                    Companies that prefer or only take cash tend to do it for tax evasion rather than cost purposes.

                    U.K. fees tend to be about 1-1.5% all in, for cash or card (excluding cost of employee taking cash to bank). Things like pix, net, grocers about 0.5-1%. Nets QR is cheaper than Nets rfid.

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